Dubai debt crisis not to impact Indian banking sector: Nair

THRISSUR: Indian banking industry will not be impacted by the Dubai debt crisis as the sector is not exposed to the market there, Union Bank of India Chairman and Managing Director M V Nair said today.

Indian banks are not exposed to Dubai market. Banks in India have been mainly facilitating the transactions of funds from Gulf countries, Nair told reporters here.

At the opening of the service branch here, he said, UBI's Navnirman project that commenced in 2006, had completed first phase of information technology induction and human resource development.

The next phase of the project would concentrate on making the bank 'most customer friendly' so that under customers' perception it would become the top one by 2012, he added.

Nair said the bank has been investing about Rs 90 crore annually for upgradation of technology as part of Navnirman Project, for the past three years.